Brussels, 17 January 2022
Regular format
Economic adjustment and resilience
The Eurogroup had a thematic discussion on economic adjustment and resilience in terms of recent performance of the euro area compared to international peers, based on input from the European Commission. The Chief Economist of the OECD, Laurence Boone, participated in the exchange of views with ministers on this topic.
What this discussion underlined for all of us is that the efforts that we have made to help the European economy recover from COVID-19 have been appropriate, they have been of the right scale, and they’ve made a huge difference to helping the people of the European Union. If I look at where we are now, we can now see an economic recovery that is strong despite the many risks, the many challenges.
Paschal Donohoe, President of the Eurogroup
Corporate vulnerability and structural developments post Covid-19
Ministers had a thematic discussion on the solvency situation of the corporate sector and potential measures to facilitate the corporate restructuring and economic adjustment in the euro area in the recovery after the global COVID-19 pandemic.
2022 euro area recommendation
Ministers discussed the draft recommendation on the economic policy of the euro area for 2022. The draft recommendation will be approved at the ECOFIN meeting on 18 January 2022 and endorsed by the March European Council. Its final adoption is expected at a subsequent ECOFIN meeting.
- Draft Council recommendation on the economic policy of the euro area
- European Semester (background information)
Economic governance review – euro area aspects
Ministers discussed the euro area fiscal framework and arrangements for financial assistance and post-programme surveillance. The discussion was based on the Eurogroup work plan that specifies its involvement in the economic governance review.
We had our first substantive discussion on the euro area dimension of the economic governance framework. And in this part of our meeting, we heard many views from governments in relation to the draft budgetary plan process, the surveillance procedures that are in place, the fiscal rules, the value of national economic policy coordination, and also in relation to how we can ensure that we have commitments in place regarding our national finances, that they are fulfilled and overseen in a transparent way.
Paschal Donohoe, President of the Eurogroup
- Issues note: Economic governance review – euro area aspects (12 January 2022)
- Work plan (5 November 2021)
Inclusive format
Banking union
Ministers discussed the state of play on the strengthening of the banking union, in particular the way forward to finalise a consensual, stepwise and time-bound work plan on all outstanding elements. Ministers also took stock of the ratification of the revised European Stability Mechanism (ESM) treaty.
In the coming period I will bring forward a further initiative on Banking Union that will lay out how we want to reach progress and reach agreement on the different work streams and files. To emphasise, this is not about reaching agreement on a particular policy area within Banking Union, at this point. It is about a process for moving forward all the projects in Banking Union and reaching agreement about how we will sequence them and how we will engage within them.
Paschal Donohoe, President of the Eurogroup
The President of the Eurogroup also briefed the ministers on the December Euro Summit, and the Eurogroup held an exchange of views on the follow-up.
Meeting information
- Brussels
- 17 January 2022
- 15:00
Preparatory documents
- Draft annotated agenda, Eurogroup
- Draft annotated agenda, Eurogroup in inclusive format
- Draft agenda, Eurogroup
- Draft agenda, Eurogroup in inclusive format
- Economic adjustment and resilience: Recent euro area performance relative to international peers
- Corporate vulnerability and structural developments post COVID-19: Challenges and policy responses
- Secretariat issues note: Economic governance review – euro area aspects